The Global Artificial Intelligence (AI) in Payments Market Analysis, 2020 market research report depicts a deep dive market analysis of statistics of Global Artificial Intelligence in Payments market which consists of region-wise market size, market forecast, CAGR market segmentation, market shares of components, market share of various applications, technology, end-users, deployment, etc.
According to MarkNtel Advisors’ research report titled “Global Artificial Intelligence (AI) in Payments Market Analysis, 2020”, Artificial Intelligence in Payments market across the globe is forecast to grow at the exponential CAGR during 2020-25. The major contributing factor for the growth of the Global Artificial Intelligence in the Payments market is increasing digitalization in banking and financial instruction. The burgeoning digital transformation in the Asia Pacific, a robust increase in P2P payments in China, Europe, the US, and India has been strengthening the Global Payments market. To improve the customer experience, the integration of artificial intelligence in payments is rising at a substantial rate.
|Study Period||Historical Data: 2015-19|
|Base Year: 2019|
|Forecast Period: 2020-25|
|Regions Covered||North America|
|Middle East & Africa|
|Unit Denominations||USD Million/Billion|
In 2020, the COVID-19 epidemic across the globe has negatively impacted the investments in artificial intelligence in payments as numerous businesses in APAC and Europe were under lockdown. However, the revival in investments is estimated to occur in 2021, and the market growth is set to witness a steep upward trend.
Moreover, the need for improving customer services, risk management, and financial advisory are some of the key factors contributing to the market growth of Global Artificial Intelligence in the Payments industry.
North America to Dominate in the Forthcoming Period
In 2019, the North America region acquired the major market share in Global Artificial Intelligence in the Payments market. The market share of the region is witnessing a robust growth on an account of the presence of numerous service providers in the region. Moreover, the U.S and Canada are on their way to become a cashless society. As per the Federal Reserve System, the number of core non-cash payments in the US increased by USD 30.6 billion from 2015 and reached to USD 174.2 billion in 2018, due to which the market share of the North America region is expected to increase in the forecast period as well.
Solutions Segment to Witness Robust Growth
In 2019, the solutions segment accounted for the major market share and also it is expected to see astronomical growth due to the rising adoption of IoT and digital mode in the payments market. The demand for solutions is majorly emanating from the banking sector. Moreover, the surging e-commerce industry in the regions such as APAC and MEA can further augment the growth in market share for the solutions segment.
By technology, the customer service segment captured the major market share in 2019 due to the expansion of financial business intending to improve operational efficiency to serve the customers in a better manner, as stated in the MarkNtel Advisors’ research report “Global Artificial Intelligence (AI) in Payments Market Analysis, 2020”.
According to MarkNtel Advisors, the Global Artificial Intelligence in the Payment market is highly fragmented due to the availability of numerous players in the market. The key players with a considerable market share in the Global Artificial Intelligence in the Payments market are IBM Corporation, Amazon Web Services, Inc., Intel Corporation, ComplyAdvantage.com, Samsung Group, Next IT Corporation, and IPsoft Inc.. The companies are continuously working on strategic alliances and new service launches to gain a competitive market share in the industry.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Artificial Intelligence in Payments Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Artificial Intelligence in Payments Market during 2020-25?
A. The Global Artificial Intelligence in Payments Market is expected to grow at an Astronomical CAGR during 2020-25.
Q.Which region would grab the highest market share during 2020-25?
A. It is forecast that North America will dominate the market with the majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating Global Artificial Intelligence in the Payments market?
A. IBM Corporation, Amazon Web Services, Inc., Intel Corporation, ComplyAdvantage.com, Samsung Group, Next IT Corporation, IPsoft Inc. are few of the leading players in the Global Artificial Intelligence in Payments Market.
Q. Which application segment would emerge as an opportunity area for players in Global Artificial Intelligence in Payments Market?
A. The customer service segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which end-user would emerge as an opportunity area for players in Global Artificial Intelligence in Payments Market?
A. The Banking sector grabbed a significant market share continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Artificial Intelligence in Payments Market.